Core Insights - The report provides a summary of recommended stocks across various industries for December 2025, highlighting investment logic and potential growth opportunities for each company [2]. Industry Summaries Construction - Shenghui Integrated (603163.SH) is a Taiwanese cleanroom engineering service provider and a core engineering supplier for Google's TPU, poised to benefit from TSMC's expansion in the U.S. with potential orders from TSMC Arizona and multiple North American data centers [2]. Banking - China Merchants Bank (600036.SH) is expected to attract investors due to its stable operations and a projected dividend yield of 4.62% for the 2024 annual report, with increased demand for low-volatility stocks as market fluctuations rise [2]. Electronics - Aojie Technology (688220.SH) is positioned to benefit from the AI trend, with its unique 2-5G full-standard cellular communication capabilities and strong ASIC customization experience, which is expected to drive growth in wearable technology [2]. Power Equipment and New Energy - Delijia (603092.SH) maintains a leading market share in wind power main gearboxes, with a projected global market size of $11.563 billion by 2030 and a compound annual growth rate of 5.10% from 2024 to 2030 [2]. Basic Chemicals - Yaqi International (000893) is set to increase its potash fertilizer production capacity significantly, benefiting from a rising global potash market [2]. Agriculture, Forestry, Animal Husbandry, and Fishery - Youran Dairy (9858.HK), a leading global dairy farming company, is expected to benefit from rising milk prices and beef price increases, leading to improved performance [2]. Internet - Alibaba (9988.HK) is experiencing accelerated growth in cloud revenue, with a 34% year-on-year increase in FY26Q2, and is expected to continue improving profitability [2]. Pharmaceuticals - Yifeng Pharmacy (603939.SH) is anticipated to see profit improvements due to ongoing optimization of its store structure and a clear planning rhythm for non-pharmaceutical profit increments [2]. Home Appliances - Midea Group (000333.SZ) is advancing its dual-driven strategy, focusing on both B2B and B2C markets, with strong cash flow and a favorable dividend yield, making it an attractive investment [2]. Non-Banking Financials - Ping An Insurance (601318.SH) is increasing investments in high-quality long-term assets, with potential for valuation improvement as market conditions shift [2].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603092 | 德力佳 | 69.51 | -3.54% | 4.96万 | | 3.50亿 | | 688660 | 电气风电 | 17.09 | -2.79% | 27.29万 | | 4.72亿 | | 301040 | 中环海陆 | 26.44 | -2.54% | 17.26万 | | 4.65 乙 | | 002202 | 金风科技 | 15.19 | -1.36% | 65.73万 | | 10.06亿 | | 300850 | 新强联 | 46.41 | -1.32% | 10.72万 | | 5.06亿 | | 300185 | 通裕重丁 | 2.82 | -1.05% | 53.65万 | | 1.52亿 | | 300772 | 运达股份 | 16.98 | -1.05% | 8.78万 | | 1.51亿 | | 601615 | 明阳智能 | 13.24 | -0.97% | 19.99万 | | 2.6 ...

中国驻里约热内卢总领事田敏在第三届中国—巴伊亚州合作论坛开幕式上致辞。人民网记者 陈海琪摄 热拉尔多·儒尼奥尔在论坛上表示，中国的减贫经验已经帮助巴西超过2400万人摆脱贫困，其中巴伊亚州就有 100万人，这对巴西来说意义重大。此外，巴伊亚州在能源转型，特别是氢能、风能与太阳能领域也与中国合作密 切，相信这些项目将改变当地人的生活。 若泽·阿卡西奥回顾了巴伊亚州和中国在各领域务实合作中取得的成绩。他表示，巴伊亚州已经派出72名官员 前往中国学习，希望更好地把中国让数亿人摆脱贫困的经验应用于巴伊亚州。 当地时间11月25日，第三届中国—巴伊亚州合作论坛在巴西东北部巴伊亚州首府萨尔瓦多市举办。人民网记者 陈 海琪摄 祝青桥在论坛开幕视频致辞中表示，当前百年变局加速演进，一方面，世界变乱交织，单边霸凌肆虐，国际 规则秩序遭到严重破坏；另一方面，全球南方声势卓然壮大，为维护世界和平和促进共同发展发挥着更大建设性 作用。中巴同为全球南方大国，要把自己的事情办好，也要进一步加强合作。 田敏在致辞中介绍，巴伊亚州是巴西东北部重要大州，区位优越、资源丰富、文化多元，在能源、港口、创 新、农业、旅游等领域具有独特优势。中国与巴 ...

格隆汇11月27日｜东吴证券研报指出，大金重工签署过渡段订单，单价超5万元/吨，向全套解决方案服 务商进发！该订单为2.52万吨过渡段，对应单价为5.3万元/吨，订单含存储及后道总装，价格大超市场 预期，也代表着公司从单纯的风机基础设备供应商到交付安装一站式解决方案商的转型。近日，公司成 功运用国产SPMT设备，圆满完成出口欧洲超大型单桩的装船全流程作业，一举创下"首次使用国产 SPMT设备装船"、"首次由装备制造商自有SPMT团队执行装船"两项业内纪录。考虑到公司新接过渡段 订单于27年交付，上修27年盈利预测，维持"买入"评级。 ...

Core Insights - The overall mechanical equipment index outperformed the market in 2025, with significant gains in humanoid robots, AI PCB equipment, and lithium battery equipment, particularly in solid-state battery technology [1][2] - The fundamentals of the mechanical equipment sector are showing steady growth, with a recovery in the lithium battery equipment and machine tool segments [1][2] Investment Opportunities for 2026 - Investment opportunities in the mechanical equipment sector for 2026 can be categorized into three main areas: 1. Focus on AI-related technology growth, including AI PCB equipment, gas turbines, and liquid cooling systems [2] 2. Emphasis on future and emerging industries as highlighted in the 14th Five-Year Plan, which includes humanoid robots, controllable nuclear fusion, low-altitude economy, deep-sea economy, and commercial aerospace [2] 3. Selection of high-quality stocks in cyclical industries with upward beta characteristics, such as engineering machinery, wind power equipment, and lithium battery equipment [2] AI Infrastructure and Equipment Demand - The demand for computing power is surging, with a focus on AI PCB equipment, AIDC equipment, and liquid cooling systems: 1. AI PCB equipment is expected to benefit from the AI computing revolution, leading to increased demand and higher value per unit [3] 2. AIDC equipment will see growth driven by the construction of AI data centers, with diverse power supply needs being met by gas turbines and nuclear power [3] 3. Liquid cooling systems are anticipated to become mainstream due to the limitations of traditional air cooling under high power demands, leading to explosive market growth [3] Future and Emerging Industries - Key areas of focus in future and emerging industries include: 1. Humanoid robots, with attention on Tesla's Gen3 release and domestic production ramp-up [4] 2. Controllable nuclear fusion, with significant projects entering critical construction phases [4] 3. Low-altitude economy, which is moving towards commercialization, necessitating investment in low-altitude infrastructure [4] 4. Deep-sea technology, with substantial potential for domestic substitution in equipment and key components [4] 5. Commercial aerospace, which is expected to drive demand for related equipment due to favorable policy directions [4] Industry Performance Expectations - The mechanical equipment sector is expected to perform well, with: 1. Engineering machinery benefiting from stable domestic demand and potential for increased market share for domestic brands [4] 2. Wind power equipment experiencing high growth due to clear domestic targets and accelerated international expansion [4] 3. Lithium battery equipment poised for a new round of expansion, with solid-state battery industrialization trends accelerating [4]

天眼查App显示，近日，邢台明阳风电设备有限公司成立，法定代表人为唐滋浩，注册资本10万人民 币，经营范围为一般项目：发电机及发电机组制造;发电机及发电机组销售;风力发电技术服务;技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广;砼结构构件制造;砼结构构件销售;水泥制品 制造;水泥制品销售;金属结构制造;金属结构销售;金属丝绳及其制品制造;金属丝绳及其制品销售;建筑材 料销售;建筑材料生产专用机械制造;模具制造;模具销售;风电场相关装备销售;工业设计服务;机械设备租 赁;货物进出口;技术进出口;进出口代理;工程管理服务;信息咨询服务（不含许可类信息咨询服务）;对外 承包工程（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目：建设工程设计; 建设工程施工（除核电站建设经营、民用机场建设）;施工专业作业;建筑劳务分包（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准）。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has signed a transition segment order with a unit price exceeding 50,000 yuan per ton, marking its transition towards becoming a full-service solution provider [9] - The order, totaling 1.339 billion yuan, involves supplying 63 transition segments for a German offshore wind project, indicating a significant increase in revenue potential [9] - The company has successfully completed the loading process for oversized piles using domestic SPMT equipment, achieving industry records and enhancing its solution capabilities [9] - Profit forecasts for 2025 and 2026 are maintained at 1.1 billion yuan and 1.7 billion yuan respectively, with an upward revision for 2027 to 2.53 billion yuan [9] Financial Projections - Total revenue is projected to decline in 2023 and 2024, followed by significant growth in 2025 (6,752 million yuan, +78.63%) and continued growth through 2027 (11,710 million yuan, +30.41%) [1][10] - Net profit attributable to shareholders is expected to increase from 425.16 million yuan in 2023 to 2,528.66 million yuan in 2027, reflecting a growth rate of 133% from 2025 to 2027 [1][10] - The earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2023 to 3.96 yuan in 2027, with a corresponding decrease in P/E ratio from 74.37 to 12.50 [1][10]

两融数据显示，该股最新融资余额为8063.25万元，近5日减少945.40万元，降幅为10.49%。 据天眼查APP显示，三一重能股份有限公司成立于2008年04月17日，注册资本122640.4215万人民币。 （数据宝） 11月26日三一重能大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 90.00 | 2371.50 | 26.35 | -1.01 | 机构专 | 光大证券股份有限公司长沙滨江 | | | | | | 用 | 路证券营业部 | （文章来源：证券时报网） 三一重能11月26日大宗交易平台出现一笔成交，成交量90.00万股，成交金额2371.50万元，大宗交易成 交价为26.35元，相对今日收盘价折价1.01%。该笔交易的买方营业部为机构专用，卖方营业部为光大证 券股份有限公司长沙滨江路证券营业部。 进一步统计，近3个月内该股累计发生5笔大宗交易，合计成交金额为1.20亿元。 证券时 ...

Summary of the Conference Call for Daikin Heavy Industries Company Overview - Daikin Heavy Industries has significantly increased its export business share to 79% in 2025, driven by explosive growth in offshore wind power exports, despite historical revenue fluctuations due to adjustments in onshore wind power business [2][3][4]. Key Points and Arguments Industry Dynamics - The global offshore wind power installation target for Europe and the Asia-Pacific region is expected to exceed 200 GW by 2030, with only 38-39 GW installed by the end of 2024, indicating substantial growth potential [2][6]. - The global offshore wind installation capacity is projected to experience explosive growth by 2026, increasing from approximately 5-6 GW per year to 13 GW [6][9]. Company Performance - Daikin Heavy Industries has achieved a remarkable profit growth in 2025, primarily due to increased overseas offshore wind product shipments and a transition to a manufacturing and transportation integrated service model, which has significantly improved gross and net profit margins [2][4][5]. - The company’s export business share rose from 18% in 2020 to 79% in 2025, reflecting a doubling of revenue from offshore wind exports [3][4]. Competitive Advantages - Daikin Heavy Industries possesses cost and capacity advantages in the international market, with domestic steel prices lower than those in the EU and lower labor costs compared to Europe [4][12]. - The company’s effective production capacity is expected to reach 500,000 tons by the end of 2025, with potential expansion to over 700,000 tons [4][12]. Order Backlog and Future Prospects - The company has a robust order backlog, including high-value projects such as the Danish Raytheon project and the German NSC project, which are expected to enhance overall profit levels [7][8]. - The company is well-positioned to capture more market share and achieve unexpected performance growth due to optimistic global offshore wind installation plans and ongoing business model iterations [9][13]. Strategic Initiatives - Daikin Heavy Industries is expanding its production capacity and transitioning to an integrated manufacturing and transportation model to reduce costs and improve delivery efficiency [13]. - The establishment of a global floating wind power center in Madrid, Spain, aims to capitalize on the future growth of the floating wind power market in Europe [13]. Additional Important Insights - The company is actively pursuing opportunities in emerging markets such as Japan and South Korea, where significant growth in offshore wind capacity is anticipated [10][11]. - Daikin Heavy Industries has become the first company globally to obtain SBTI certification, enhancing its collaboration with clients focused on green certifications [12]. This comprehensive overview highlights Daikin Heavy Industries' strategic positioning, competitive advantages, and growth potential in the offshore wind power sector.

（编辑 任世碧） 证券日报网讯 11月26日晚间，泰胜风能发布公告称，公司于2025年11月26日召开的第六届董事会第六 次会议审议通过了《关于向全资子公司提供财务资助的议案》，决定以自有资金向全资子公司广东泰胜 投资控股有限公司（简称"泰胜投控"）提供财务资助，资助方式为借款，财务资助最高额度为12，000 万元人民币，有效期为自本次董事会审议通过之日起12年，资金占用费根据实际借款金额按年化3.5% 收取。本次财务资助事项在公司董事会审议权限范围内，无需经公司股东会审议。 ...